Mississippi License Law
A Mississippi broker receives an earnest money deposit from a buyer. When must the broker deposit the funds into the trust account?
AWithin 30 days of receipt
BPromptly upon receipt, as required by MREC rules — typically within a specified number of banking days✓ Correct
CAt closing only
DOnly after the offer is accepted
Explanation
Mississippi MREC rules require brokers to deposit trust funds (earnest money, rents, security deposits) promptly upon receipt into a designated trust account. Delays in depositing client funds are violations.
Related Mississippi Mississippi License Law Questions
- A Mississippi broker applicant must have held an active salesperson license for at least:
- In Mississippi, a real estate salesperson license must be held under:
- In Mississippi, which of the following persons is NOT required to hold a real estate license?
- Under Mississippi law, a real estate salesperson who leaves one broker to join another must:
- A Mississippi salesperson license must be held under a licensed broker. If a salesperson's broker license expires or is revoked, the salesperson:
- In Mississippi, the Mississippi Real Estate Commission has the authority to:
- Mississippi MREC's Recovery Fund provides compensation to consumers who have suffered financial losses due to a licensee's fraud, misrepresentation, or deceit. The maximum payment from the fund per transaction is:
- The MREC may place a Mississippi real estate license on inactive status upon request of the licensee. An inactive licensee may:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →